The Paris Blockchain Week Summit recently took place and both Ripple and SWIFT have had an interesting opportunity to face off but in a unique way. The two platforms provide users with cross-border transactions, but SWIFT is recognized as being larger and more prominent. At the summit, the two participated in a panel called the Future of Payments.
Marjan Delattine represented Ripple, and Leonard Schrank represented SWIFT. During the panel, it seems that the latter put together just the right words to establish victory. Delattine had the first opportunity to speak, and she took it to share that Ripple was SWIFT, but faster and that it had cheaper and quicker payment networks. Further, many banks had used its software in successful trials and that Ripple was the future of digital money.
Schrank responded, stating
“Anyone can engineer a standard. The hard part is getting anyone to use it.”
He also shared that he managed SWIFT at a time when the platform managed $6 trillion dollars of payments per day and today, it manages $10 trillion a day. Comparatively, SWIFT overshadows Ripple. He stated,
“Ripple’s at a billion. You’ve got to start somewhere.”
Delattine replied she replied.
“They are already implementing Ripple on the back end of their systems. That shows the trust the financial institutions are showing towards our technology and blockchain in general.”
Schrank seemed to dismiss Ripple’s position, stating
“I’m not anti-Ripple. I’m excited about the opportunities”
“I wish them the best and I think choice is good to have.”